The on-going development related to the acquisition of TikTok’s U.S. operations from the platform’s parent company ByteDance has been dramatic. While Microsoft has already confirmed that it’s in talks with the company, other companies also started talks for the same, including Oracle.
Now, Walmart has confirmed that it has partnered with Microsoft in an attempt to purchase TikTok in the United States. The company has revealed that it is participating in the negotiations with Microsoft over a potential deal.
Revealing the reason behind Walmart’s interest in purchasing the short-video social media platform, the company said that it has “integrated e-commerce and advertising capabilities in other markets” and could bolster its access to consumers.
In a statement, Walmart said: “We believe a potential relationship with TikTok US in partnership with Microsoft could add this key functionality and provide Walmart with an important way for us to reach and serve omnichannel customers as well as grow our third-party marketplace and advertising businesses. We are confident that a Walmart and Microsoft partnership would meet both the expectations of US TikTok users while satisfying the concerns of US government regulators.”
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The development comes just hours after TikTok CEO Kevin Mayers announced his resignation. It is being speculated that his resignation could be because of the acquisition deal getting finalized. In his resignation letter, he said that he expects “a resolution very soon.” Before joining TikTok this year, Mayer was leading Disney‘s streaming division.
Some reports have started making rounds claiming that TikTok could announce the sale of its U.S. operation within a week. It is said that the deal could be worth around $20 billion to $20 billion and the company is considering between Microsoft and Oracle.
TikTok is being forced to sell off its U.S. operations to an American company by the government amid intense political scrutiny because of the platforms’ country of origin. It has also been under fire because of its data collection practices, which the United States claims put its national security at risk.
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